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Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Rental revenues $ 69,408,000 $ 53,327,000 $ 186,515,000 $ 130,378,000
Expense recoveries 21,102,000 14,361,000 53,564,000 31,816,000
Interest income on real estate loans and other 2,489,000 2,322,000 6,185,000 5,166,000
Total revenues 92,999,000 70,010,000 246,264,000 167,360,000
Expenses:        
Interest expense 11,998,000 7,300,000 33,285,000 15,776,000
General and administrative 5,860,000 4,917,000 16,845,000 13,964,000
Operating expenses 27,471,000 19,159,000 70,079,000 43,994,000
Depreciation and amortization 32,975,000 23,969,000 89,031,000 59,778,000
Acquisition expenses 2,184,000 4,398,000 12,831,000 11,031,000
Total expenses 80,488,000 59,743,000 222,071,000 144,543,000
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 12,511,000 10,267,000 24,193,000 22,817,000
Equity in income of unconsolidated entities 28,000 27,000 85,000 85,000
Gain on sale of investment properties 0 0 5,308,000 0
Net income 12,539,000 10,294,000 29,586,000 22,902,000
Net income attributable to noncontrolling interests:        
Operating Partnership (362,000) (255,000) (823,000) (629,000)
Partially owned properties [1] (53,000) (176,000) (379,000) (553,000)
Net income attributable to controlling interests 12,124,000 9,863,000 28,384,000 21,720,000
Preferred distributions (106,000) (436,000) (505,000) (1,421,000)
Numerator for earnings per share - basic $ 12,018,000 $ 9,427,000 $ 27,879,000 $ 20,299,000
Net income per share:        
Basic (in dollars per share) $ 0.07 $ 0.07 $ 0.18 $ 0.17
Diluted (in dollars per share) $ 0.07 $ 0.07 $ 0.18 $ 0.16
Weighted average common shares:        
Weighted average number of shares outstanding - basic (in shares) 177,847,424 134,608,396 157,542,167 122,973,862
Weighted average number of shares outstanding - diluted (in shares) 183,298,145 138,880,787 162,480,918 127,395,989
Dividends and distributions declared per common share and OP Unit (in dollars per share) $ 0.230 $ 0.225 $ 0.685 $ 0.675
Net income (loss) attributable to redeemable noncontrolling interest   $ 0   $ 0
Operating Partnership        
Revenues:        
Rental revenues $ 69,408,000 53,327,000 $ 186,515,000 130,378,000
Expense recoveries 21,102,000 14,361,000 53,564,000 31,816,000
Interest income on real estate loans and other 2,489,000 2,322,000 6,185,000 5,166,000
Total revenues 92,999,000 70,010,000 246,264,000 167,360,000
Expenses:        
Interest expense 11,998,000 7,300,000 33,285,000 15,776,000
General and administrative 5,860,000 4,917,000 16,845,000 13,964,000
Operating expenses 27,471,000 19,159,000 70,079,000 43,994,000
Depreciation and amortization 32,975,000 23,969,000 89,031,000 59,778,000
Acquisition expenses 2,184,000 4,398,000 12,831,000 11,031,000
Total expenses 80,488,000 59,743,000 222,071,000 144,543,000
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 12,511,000 10,267,000 24,193,000 22,817,000
Equity in income of unconsolidated entities 28,000 27,000 85,000 85,000
Gain on sale of investment properties 0 0 5,308,000 0
Net income 12,539,000 10,294,000 29,586,000 22,902,000
Net income attributable to noncontrolling interests:        
Partially owned properties [2] (53,000) (176,000) (379,000) (553,000)
Net income attributable to controlling interests 12,486,000 10,118,000 29,207,000 22,349,000
Preferred distributions (106,000) (436,000) (505,000) (1,421,000)
Numerator for earnings per share - basic $ 12,380,000 $ 9,682,000 $ 28,702,000 $ 20,928,000
Net income per share:        
Earnings per unit - basic (dollars per share) $ 0.07 $ 0.07 $ 0.18 $ 0.17
Earnings per unit - diluted (dollars per share) $ 0.07 $ 0.07 $ 0.18 $ 0.16
Weighted average limited partnership units outstanding, basic (in shares) 183,227,405 183,227,405 162,205,324 162,205,324
Weighted average common shares:        
Weighted average limited partnership units outstanding, basic (in shares) 183,227,405 138,227,384 162,205,324 126,751,876
Denominator for earnings per unit - diluted (in shares) 183,298,145 183,298,145 162,480,918 162,480,918
Denominator for earnings per unit - diluted (in shares) 183,298,145 138,880,787 162,480,918 127,395,989
Distributions declared per common unit $ 0.230 $ 0.225 $ 0.685 $ 0.675
Net income (loss) attributable to redeemable noncontrolling interest       $ 0
[1] Includes amounts attributable to redeemable noncontrolling interests. No such adjustments are required for the three and nine months ended September 30, 2016.
[2] Includes amounts attributable to redeemable noncontrolling interests. No such adjustments are required for the three and nine months ended September 30, 2016.